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Martin Scorsese’s latest is based on the memoirs of Jordan Belfort, a New York stockbroker and founder of Stratton Oakmont, a company which engaged in securities fraud and corruption on Wall Street during the nineties.

First off, the performances are top-notch. Leonardo DiCaprio has managed to find new depths by playing a character that is even debatably worse than the racist plantation owner in Django Unchained. DiCaprio has done more than enough to win his Oscar, and winning for The Wolf of Wall Street is as good any of his other roles. My favorite DiCaprio performance is still Howard Hughes in The Aviator. Though my vote goes to McConaughey for Dallas Buyers Club this year. Speaking of which, McConaughey has a great cameo as Jordan’s mentor, who gives Belfort the inspirational push. However, Jonah Hill is the standout as Belfort’s psychotic sidekick Donnie Azoff, delivering an even more impressive performance than in Moneyball.

At a 3-hour running time, the film is too long and it easily could have been shorter with less party scenes and throwing midgets into giant dartboards at the office. As a rise-and-fall story, it has too much ‘rise’ and not enough ‘fall’. I wanted the story to move on and inform us about the financial damage this all caused and all the lives it hurt in the process, but Scorsese does not seem interested in the forensics. Overall there are some very good party set pieces and funny scenes, but after a while, I was just numb.

The story is essentially told from the villain’s point of view. Extending this idea to the classic children’s storybook The True Story of the Three Little Pigs, which is told from the Big Bad Wolf’s perspective. The Wolf retells the Three Little Pigs story and asks the reader to consider his side of the story. The Wolf was simply trying to bake a cake for his grandmother’s birthday while nursing a bad cold, and things got out of hand. Therein lies my criticism: there is nothing redeemable from the Jordan Belfort character in The Wolf of Wall Street. Or at the very least, the filmmakers do not seem interested in showing anything beyond the surface.

The breaking-the-4th-wall story device of having the villain narrate his story to the audience is raunchy and creative, but Scorsese totally forgets that it is supposed to be ironical. The premise of the black comedy is that we’re supposed to laugh at how vile and putrid these people are. But by the nth orgy scene, the characters are matted into two dimensions and we never get beneath the surface. The morality play tips over to the other side and it mistakenly justifies itself. Just because this a tale about self-indulgent shallow people doesn’t mean we have to tell their story in a self-indulgent shallow fashion.

The bad taste left in my mouth at the end is not the film’s self-indulgence, but out of worry that The Wolf of Wall Street is so unclear about its cautionary message, that there are certain viewers that will admire this lifestyle and become inspired to become a stock broker. For the rest of that find the Belfort character repugnant will feel empty wondering what justified the three-hour running time.